Daily Gold Update: Monday, September 19 – Gold Fluctuates After Last Week’s Sell-Off

Gold Price Recap

The gold futures contract gained 0.37% on Friday, September 16, as it fluctuated after its Thursday’s sell-off of 1.9%. On Thursday it broke below the recent local lows following stock markets’ sell-off, strong U.S. dollar, monetary policy tightening fears. The market broke below the $1,700 level and on Friday it was the lowest since April of 2020. This morning the yellow metal is trading slightly below the Friday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.3% lower this morning, as it is trading along the $1,660 level. What about the other precious metals? Silver is 1.3% lower, platinum is 0.2% higher and palladium is 0.2% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Friday’s UoM Consumer Sentiment release has been slightly below expectations at 59.5. Today we will get the NAHB Housing Market Index release at 10:00 a.m. The markets will be waiting for the important Wednesday’s Fed’ Rate Decision release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Monday, September 19

• 10:00 a.m. U.S. – NAHB Housing Market Index
• 9:30 p.m. Australia – Monetary Policy Meeting Minutes
• All Day, U.K. – Bank Holiday

Tuesday, September 20

• 8:30 a.m. U.S. – Building Permits, Housing Starts
• 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y, Core CPI m/m
• 1:00 p.m. Eurozone – ECB President Lagarde Speech

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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